FORT WORTH, TEXAS (October 25, 2023) — Hillwood, a Perot company, announces the acquisition of a full city block located in the heart of downtown Fort Worth. The purchase reinforces Hillwood’s longtime commitment to Fort Worth and marks its first investment downtown. The property is bounded by 6th and 7th Streets to the north and south and Calhoun and Jones Streets to the east and west. Oncor has owned the site for decades.
“The purchase of the Oncor property reinforces our belief in Fort Worth and the evolution of downtown, further demonstrating our intent to grow our investments throughout the city,” said Mike Berry, president of Hillwood. “Downtown Fort Worth is playing a vital role in the city’s growth and success, and we want to help drive its economic development far into the future.”
The property is at the front door of the rapidly growing downtown southern corridor. The neighboring Texas A&M Fort Worth campus, which broke ground in June, will anchor the city’s downtown innovation district. The Fort Worth Convention Center, which sits two blocks south of the property, recently kicked off its $95 million expansion, and the adjacent Omni Hotel Fort Worth will add a new tower with 400 rooms and additional meeting spaces. Also nearby, the new Deco 969 luxury apartment building will open at the end of the year.
While specific development plans for the property are still under review, Hillwood will look at a variety of land use and development options that will complement existing trends in the downtown Fort Worth market.
“The acquisition of the Oncor property represents an exciting opportunity for Hillwood. It puts us in the middle of one of the fastest-growing corridors not only in Downtown Fort Worth but within the entire City,” said Steve Aldrich, senior vice president of Hillwood. “Because of its location, the site provides flexibility for a best-in-class development project, whether that be office, residential or mixed-use. We want to leverage our expertise here and help realize the full potential for a vibrant urban core.”
Jon McNeil and Ryan Matthews from JLL represented Oncor in the disposition.
Hillwood’s investment in Fort Worth and partnerships with the City of Fort Worth began 35 years ago with the development of Perot Field Fort Worth Alliance Airport. Today, AllianceTexas has transformed the North Texas economy and connected the area to global industry. The mixed-use development spans 27,000 acres with over 560 companies and has generated $111 billion in regional economic impact and 66,000 direct jobs.
“Hillwood’s impact at AllianceTexas and numerous urban developments throughout the region have been immeasurable,” said Fort Worth Mayor Mattie Parker. “The work already happening in downtown Fort Worth is transformational for our city’s future, and Hillwood’s entry into downtown signals the value of what is possible.”
Hillwood has also been involved in other developments in south Fort Worth and southeast Fort Worth. Additionally, Hillwood was the developer of Victory in Dallas, another urban renewal development project anchored by American Airlines Center. The Victory district value has grown from $16 million in 1998 to over $2.4 billion with 7.5 million square feet constructed to date.
Hillwood, a Perot company, is a top industrial, commercial, and residential real estate developer and manager with projects throughout North America and Europe. With a diverse portfolio of projects that have become home to many of the world’s leading companies, Hillwood is committed to bringing long-term value to our customers, partners and the communities we serve. Most notably, the 27,000-acre master-planned, mixed-use AllianceTexas development in North Fort Worth has generated over $111 billion in regional economic impact since 1989. Hillwood also served as the lead developer of marquee projects nationwide, from the Air Force Memorial in Washington, D.C. to the Perot Museum of Nature and Science and the American Airlines Center in Dallas. For additional information, please visit www.hillwood.com.